abc reports galaxy to produce li batteries

Reported today, and interesting in that the language sounds more committal of GXY going ahead with the battery project, though could also just be media spin while GXY continues the preparatory work on the project.

(Good to see GXY bounce back some on a solid down day on the ASX with S&P downgrading their US credit rating.)

The ABC reports:
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Galaxy to produce lithium batteries for China

Updated August 08, 2011 13:16:29

WA lithium miner Galaxy Resources has signed a deal with one of the world's largest battery manufacturers to develop electric bike batteries.

The agreement will see Galaxy, which has a lithium mine in Ravensthorpe, use American company K2 Energy's technology to create a lithium battery plant in China.

Galaxy's managing director Iggy Tan says there is a huge market for battery-powered electric bikes.

"We are going to produce something like 350,000 of these e-bike batteries," he said.

"Today, China produces something like 27 million e-bikes every year and they tend to be the very heavy lead acid batteries so we see this mass conversion happening in the next few years."

First posted August 08, 2011 12:48:12

http://www.abc.net.au/news/2011-08-08/lithium-galaxy-electric-bike-batteries/2829358